Definitive Analysis
| Stable Growth | $6.08 - $10.59 | $8.01 |
| Multi-Stage | $11.24 - $12.33 | $11.77 |
| Blended Fair Value | $9.89 | |
| Current Price | $5.36 | |
| Upside | 84.52% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.42% | 2.28% | 0.22 | 0.22 | 0.26 | 0.25 | 0.22 | 0.27 | 0.27 | 0.23 | 0.20 | 0.19 |
| YoY Growth | - | - | -1.87% | -15.21% | 4.64% | 15.30% | -20.52% | 0.77% | 16.40% | 17.86% | 6.25% | 6.92% |
| Dividend Yield | - | - | 4.07% | 5.23% | 6.51% | 6.94% | 4.67% | 8.26% | 6.45% | 5.87% | 4.52% | 3.95% |
| Net Income To Common (M) | 1,131.00 |
| (-) Cash Dividends Paid (M) | 931.00 |
| (=) Cash Retained (M) | 200.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 226.20 | 141.38 | 84.83 |
| Cash Retained (M) | 200.00 | 200.00 | 200.00 |
| (-) Cash Required (M) | -226.20 | -141.38 | -84.83 |
| (=) Excess Retained (M) | -26.20 | 58.63 | 115.18 |
| (/) Shares Outstanding (M) | 2,405.67 | 2,405.67 | 2,405.67 |
| (=) Excess Retained per Share | -0.01 | 0.02 | 0.05 |
| LTM Dividend per Share | 0.39 | 0.39 | 0.39 |
| (+) Excess Retained per Share | -0.01 | 0.02 | 0.05 |
| (=) Adjusted Dividend | 0.38 | 0.41 | 0.43 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 0.28% | 1.28% | 2.28% |
| Fair Value | $6.08 | $8.01 | $10.59 |
| Upside / Downside | 13.46% | 49.43% | 97.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,131.00 | 1,145.49 | 1,160.16 | 1,175.02 | 1,190.07 | 1,205.31 | 1,241.47 |
| Payout Ratio | 82.32% | 83.85% | 85.39% | 86.93% | 88.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 931.00 | 960.53 | 990.66 | 1,021.41 | 1,052.78 | 1,084.78 | 1,148.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 0.28% | 1.28% | 2.28% |
| Year 1 PV (M) | 893.14 | 902.05 | 910.96 |
| Year 2 PV (M) | 856.54 | 873.70 | 891.04 |
| Year 3 PV (M) | 821.16 | 845.98 | 871.28 |
| Year 4 PV (M) | 787.01 | 818.87 | 851.70 |
| Year 5 PV (M) | 754.04 | 792.40 | 832.30 |
| PV of Terminal Value (M) | 22,918.70 | 24,084.45 | 25,297.15 |
| Equity Value (M) | 27,030.60 | 28,317.45 | 29,654.43 |
| Shares Outstanding (M) | 2,405.67 | 2,405.67 | 2,405.67 |
| Fair Value | $11.24 | $11.77 | $12.33 |
| Upside / Downside | 109.63% | 119.61% | 129.98% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| EXPD | Expeditors International of Washington, Inc. | 0.99% | $1.50 | 24.32% |
| LISOX | Lazard International Strategic Equity Ptf Open Shares | 0.99% | $0.13 | 36.87% |
| MXC | Mexco Energy Corporation | 0.99% | $0.10 | 12.25% |
| NIC | Nicolet Bankshares, Inc. | 0.99% | $1.19 | 12.58% |
| PAYC | Paycom Software, Inc. | 0.99% | $1.51 | 18.80% |
| RRC | Range Resources Corporation | 0.99% | $0.35 | 14.60% |
| WLFC | Willis Lease Finance Corporation | 0.99% | $1.32 | 7.58% |
| WOR | Worthington Industries, Inc. | 0.99% | $0.52 | 23.95% |
| CNXN | PC Connection, Inc. | 0.98% | $0.56 | 16.89% |
| CAT | Caterpillar Inc. | 0.97% | $5.78 | 29.40% |
| CNK | Cinemark Holdings, Inc. | 0.97% | $0.23 | 18.28% |
| ECL | Ecolab Inc. | 0.97% | $2.54 | 36.57% |
| EVR | Evercore Inc. | 0.97% | $3.41 | 27.02% |
| LSBK | Lake Shore Bancorp, Inc. | 0.96% | $0.14 | 24.34% |
| 0ITL.L | Arthur J. Gallagher & Co. | 0.95% | $2.42 | 39.43% |
| 0IZI.L | W.W. Grainger, Inc. | 0.95% | $9.52 | 26.47% |
| 0L5V.L | The Sherwin-Williams Company | 0.95% | $3.11 | 30.09% |
| 0R2S.L | Stryker Corporation | 0.95% | $3.28 | 43.09% |
| RRX | Regal Rexnord Corporation | 0.95% | $1.39 | 36.07% |
| WT | WisdomTree, Inc. | 0.95% | $0.12 | 18.12% |
| J | Jacobs Solutions Inc. | 0.94% | $1.27 | 53.80% |
| ORCL | Oracle Corporation | 0.94% | $1.84 | 34.81% |
| TCBS | Texas Community Bancshares, Inc. | 0.94% | $0.17 | 19.22% |
| IMKTA | Ingles Markets, Incorporated | 0.93% | $0.65 | 14.68% |
| ODC | Oil-Dri Corporation of America | 0.93% | $0.45 | 12.28% |
| PENG | Penguin Solutions, Inc. | 0.93% | $0.19 | 40.17% |
| SSBK | Southern States Bancshares, Inc. | 0.93% | $0.34 | 9.19% |
| DAL | Delta Air Lines, Inc. | 0.92% | $0.63 | 8.94% |
| HIFS | Hingham Institution for Savings | 0.92% | $2.49 | 12.15% |
| RL | Ralph Lauren Corporation | 0.92% | $3.34 | 24.37% |
| OPY | Oppenheimer Holdings Inc. | 0.91% | $0.66 | 8.90% |
| BGC | BGC Group, Inc | 0.90% | $0.08 | 23.56% |
| CDRE | Cadre Holdings, Inc. | 0.90% | $0.37 | 33.35% |
| MBNKP | Medallion Bank | 0.90% | $0.23 | 12.50% |
| JBHT | J.B. Hunt Transport Services, Inc. | 0.89% | $1.75 | 30.14% |
| NYT | The New York Times Company | 0.89% | $0.62 | 30.32% |
| RMD | ResMed Inc. | 0.89% | $2.18 | 22.31% |
| VBFC | Village Bank and Trust Financial Corp. | 0.89% | $0.72 | 15.35% |
| 0I14.L | Cognex Corporation | 0.88% | $0.32 | 49.16% |
| AR | Antero Resources Corporation | 0.88% | $0.30 | 17.15% |
| LDOS | Leidos Holdings, Inc. | 0.88% | $1.61 | 14.88% |
| LMAT | LeMaitre Vascular, Inc. | 0.88% | $0.70 | 32.20% |
| NNI | Nelnet, Inc. | 0.88% | $1.14 | 9.52% |
| PFSI | PennyMac Financial Services, Inc. | 0.88% | $1.16 | 12.49% |
| SMBK | SmartFinancial, Inc. | 0.88% | $0.32 | 11.76% |
| BYD | Boyd Gaming Corporation | 0.87% | $0.75 | 3.22% |
| ROST | Ross Stores, Inc. | 0.87% | $1.59 | 24.85% |
| BBSI | Barrett Business Services, Inc. | 0.86% | $0.31 | 15.02% |
| BCO | The Brink's Company | 0.86% | $1.00 | 24.81% |
| HXL | Hexcel Corporation | 0.86% | $0.66 | 77.18% |